Wells Fargo slashing jobs by the thousands in AI push

Wells Fargo is continuing to slash jobs, reducing its workforce by 15,000 this year to 197,000, as part of a multi-year AI and tech modernization push. CFO Mike Santomassimo said the bank expects further headcount reductions, having already cut 79,000 jobs over six years, while investing billions in technology to improve efficiency.

Financial Services /tag/financial-services/ As banks continue to weigh up their AI and hiring options, Wells Fargo is continuing to slash jobs after spending billions on tech modernisation. During an earnings call marking a $22.6 billion revenue quarter, CFO Mike Santomassimo said the bank still “should be able to run” with a lower headcount despite reducing its workforce for the last six years. He said Wells Fargo’s headcount had already dropped by 15,000 this year to 197,000, down 79,000 from six years ago after 24 consecutive quarters of reductions, and expected to “see more efficiency from here”. Get the full story: Subscribe for free Join peers managing over $100 billion in annual IT spend and subscribe to unlock full access to The Stack’s analysis and events. Subscribe now https://www.thestack.technology/membership/ Already a member? Sign in https://www.thestack.technology/signin/